Molson Coors Beverage Co.’s stock jumped 3.12% premarket Tuesday after the company reported a profitable fourth quarter, exceeding analyst expectations. This marked a significant turnaround from the loss recorded a year ago.
Key Highlights:
- Profit: Net income of $103.3 million ($0.48 per share) compared to a loss of $590.5 million ($2.73 per share) in the same period last year.
- Sales: $2.791 billion, up from $2.629 billion year-over-year, exceeding analyst expectations of $2.781 billion.
- Market Share: Gained market share from Bud Light, which faced a boycott over its marketing campaign.
- 2024 Outlook: Low single-digit sales growth on a constant currency basis, mid-single-digit underlying EPS growth, and cash flow of $1.2 billion.
CEO Gavin Hattersley expressed optimism, stating, “We plan to build on this momentum in 2024… with the financial flexibility to reinvest in our business.”
Stock Performance: The stock has gained 21% in the past year, slightly outperforming the S&P 500’s 22.8% gain.
Overall, Molson Coors’ strong financial performance and positive outlook bode well for the company’s future.
Disclaimer:
This article is for informational purposes only and should not be considered financial advice. While the information is derived from news sources believed to be reliable, accuracy cannot be guaranteed. Investing involves risk, and past performance is not necessarily indicative of future results. Please consult with a qualified financial advisor before making any investment decisions.
Additionally, the article references a controversial boycott of Bud Light. The opinions expressed regarding the boycott are for informational purposes only and do not represent an endorsement or condemnation of any particular position. It is important to consider all sides of an issue before forming your own opinion.
